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Tax advice for profitable flips
I currently flip around 12 houses a year in an s corp. I seller finance and defer a few every year as capital gains, but since I am classified as a real estate investor the rest are taxed as ordinary income. My taxable income the past few years has been just under a million and I am paying like $300,000 in taxes and just looking to find some way to reduce my taxes. I keep a few properties as rentals but even with the depreciation they still show a profit. I pay myself like $60,000 a year as salary and take the rest as dividends from the s-corp so not subject to social security. I max out my solo-k every year, but since I do a lot of work on the houses myself I don't have much for expenses. I write off my truck and take an in home office and the company pays my health insurance, but I am not really sure what else I can do to pay less tax besides not selling the properties.